Sunday, June 26, 2016

Gambling firm Amaya holds AGM in private - David Baazov makes out like Bandit

Top executives of Amaya (AYA.t) met with shareholders behind closed doors during their annual general meeting. It is the first meeting since former chairman and CEO David Baazov, who faces five charges, including influencing or attempting to influence the market price of Amaya shares and with communicating privileged information, was charged with insider trading by Quebec regulators.

The company, who says it has nothing to hide, paid Baazov a base salary of $1m last year, plus an extra $41k in option-based awards.
Rafi Ashkenazi, who assumed Baazov’s role when the CEO took an indefinite leave of absence in March, earned base pay of $769k, along with $815k in option-based awards and a further $554k 'incentive bonus' for a total haul of $2.1m

Quebec's securities watchdog alleges friends and associates of Amaya's CEO and his brother pocketed nearly $1.5-million in profits from insider information they received about acquisitions. They accuse David Baazov of being "the main source" of privileged information.

David Baazov
Amaya also detailed what type of compensation Baazov would collect had the company decided to terminate his employment for reasons other than for cause. Baazov would immediately receive about $ 6 million if Amaya kicked him to the curb.

Baazov’s incentive plan includes 200k share options which are currently worth about $3.3m, with a further $3.3m in options. Baazov is the largest Amaya shareholder with more than 24.5 million shares or nearly 17 per cent of stock in circulation.